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Student Loan Collection

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macaronicaesar View Drop Down
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    Posted: 15/August/2019 at 8:38am
Hi All, 

I have recently received a mortgage from one of the big 5 banks and I opened a joint bank account to make payments for the mortgage.  The payment was due this morning and we noticed a sizable withdrawal from the account, we called the bank to get more details and apparently this is from a student loan from the 90's.

Do I have any recourse since this institution holds my mortgage and the student loan was not in my name.  If I close the account or remove the joint owner from the account, then what?  Will they put a lien on my mortgage?  

Should we agree to pay it, this is infuriating.  I would think a loan from the 90's would be statute barred, but what do I know.  
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macaronicaesar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote macaronicaesar Quote  Post ReplyReply Direct Link To This Post Posted: 15/August/2019 at 10:20am
Follow-up.  The Girlfriend went into the bank today and they said they exercised their "Right to Off-set"  

Transaction Read as IBB Client Withdrawal.  
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macaronicaesar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote macaronicaesar Quote  Post ReplyReply Direct Link To This Post Posted: 15/August/2019 at 12:08pm
Turns out this is a provincial student loan from 1997.  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 26/August/2019 at 11:38pm
Yes, they have the right to do that if the bank your mortgage payment is with is the same bank that your student loan was with. 

What you need to do is change banks... not branches, Change to another  BANK... otherwise this will happen to your next payment deposited into that account as well. 

If the student loan was yours, have your spouse open an account - not a joint account)  is to make deposits and payments.  It the loan was your spouse's open an account only in your name to make toe deposits and payments.  But the safest thing to do is to go to another bank that neither of you had student loans with.

Until then, make some sort of arrangement to pay your mortgage directly to the lender.  Do not do it by depositing it into your account.

You might consider talking to John Leblanc at Solvestudentdebt.ca
 

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Mark O'Meara

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macaronicaesar View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote macaronicaesar Quote  Post ReplyReply Direct Link To This Post Posted: 27/August/2019 at 6:48am
Hey Mark,

Thanks for the reply.  Just a follow-up.  The bank gave me the run around for several days after taking my money, so I got in contact with SolveStudentDebt(SSD)this was on a Friday, the team worked for me over the weekend preparing documentation for me to give them consent to represent me with discussions with CIBC.  Prior to this the bank couldn't tell me who authorized the withdrawal, where it went, or even prove there was a debt owing.

The following Wednesday my argument was submitted by the team at SSD arguing a limitation issue as it had been determined the loan was "Statute Barred".  This was submitted at about 15:45, and sometime between then and 18:00 my full amount was deposited back into my account.  

The team over there did a fantastic job for me.  I never thought I would have my money stolen from me, but once it was, I thought for sure I would never get it back, they made it happen.  Without SSD, I'm sure I would still be spinning in circles with no additional information.  


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